Chart Trader: "Sell Mkt" v. "Close"

[michelle99]

Hello,

If I am long one futures contract.

Q1. What is the difference in execution between clicking the "Sell Market" button and the "Close" button on the Chart Trader?

Q2. Which button will get me out of the trade faster?

Q3. Which button would be the LEAST prone to slippage?

Thanks in advance,
Michelle

[NinjaTrader_Jason]

Hello Michelle,

1. A sell market button will fill right away at the price the market is trading. When using the Close button, either the profit target is modified to close the position or a Close order is submitted. Please see the link below for more information regarding the Close button.

http://ninjatrader.com/support/helpGuides/nt7/closing_a_position_or_atm_stra.htm

2. Both are fast. I am not sure which one will be faster. I think the sell market order would be faster. I suggest to test it and check what works best for you.

3. Market orders are not submitted at a specific price, so they do not experience slippage. The profit target is modified in a way, so it will fill instantly.